Price leapt up above the top trendline in the last 4 hour candle, could be time for a retest of that trendline from above before a nice move up towards 1.4550.
Jacko (or turtle), do you use the fib extension as a profit target ever or would you just go back to the trailing stop if we're back with the main trend?
Also, would you place a pending order just above the top of the last move so that if it broke out above the previous resistance you'd be in the trade or would you wait for price to retest the top of the trendline and enter if/when it gave a valid signal for a long trade?
Thanks
Edit: Presumably it could well range where it is for a little while giving a clearer range top to use if you wanted to go for the breakout method.
Jacko (or turtle), do you use the fib extension as a profit target ever or would you just go back to the trailing stop if we're back with the main trend?
Also, would you place a pending order just above the top of the last move so that if it broke out above the previous resistance you'd be in the trade or would you wait for price to retest the top of the trendline and enter if/when it gave a valid signal for a long trade?
Thanks
Edit: Presumably it could well range where it is for a little while giving a clearer range top to use if you wanted to go for the breakout method.